Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccounts ReceivablePurchasesSales DiscountsCashPurchase DiscountsSales Returns and AllowancesCost of Goods SoldPurchase Returns and AllowancesSales Tax PayablePLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.DR CR Aug. 18: Customer paid their account in full with cash.DR DR or CR? CR Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the **perpetual inventory system**:| Accounts Payable | Merchandise Inventory | Sales ||------------------|------------------------|-------|| Accounts Receivable | Purchases | Sales Discounts || Cash | Purchase Discounts | Sales Returns and Allowances || Cost of Goods Sold | Purchase Returns and Allowances | Sales Tax Payable |**PLEASE NOTE:** You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).- **Aug. 3:** Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.**Journal Entry:**- **DR** | Merchandise Inventory | $7,500- **CR** | Accounts Payable | $7,500---(Additional space for further entries is provided, including initial debits and credits for augmenting these entries.)

Name: Using the accounts listed below, record journal entries for the follow
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccounts ReceivablePurchasesSales DiscountsCashPurchase

Journal entry is the process of documenting commercial transactions for the first time in the books…

Answered: Using the accounts listed below, record…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:

Accounts Payable	Merchandise Inventory	Sales
Accounts Receivable	Purchases	Sales Discounts
Cash	Purchase Discounts	Sales Returns and Allowances
Cost of Goods Sold	Purchase Returns and Allowances	Sales Tax Payable

PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).

Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.

DR

CR
DR

CR
Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.

DR

CR
DR

CR
Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.

DR

CR
Aug. 18: Customer paid their account in full with cash.

DR

DR or CR?

CR

Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the **perpetual inventory system**:

| Accounts Payable | Merchandise Inventory | Sales |
|------------------|------------------------|-------|
| Accounts Receivable | Purchases | Sales Discounts |
| Cash | Purchase Discounts | Sales Returns and Allowances |
| Cost of Goods Sold | Purchase Returns and Allowances | Sales Tax Payable |

**PLEASE NOTE:** You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).

- **Aug. 3:** Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.

**Journal Entry:**

- **DR** | Merchandise Inventory | $7,500
- **CR** | Accounts Payable | $7,500

---

(Additional space for further entries is provided, including initial debits and credits for augmenting these entries.)

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